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1697296

registered interest
date	19/03/2024
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Foreign Investment in UK
house id	2
legislature	25277 pref label House of Lords
question text	To ask His Majesty's Government, further to the announcement by the Chancellor of the Exchequer on 2 March concerning the requirement by 2027 for pension funds to disclose how much they invest in British businesses, what steps they are taking to assess the potential consequences on overall competitiveness and attractiveness of the UK as an investment destination.
tabling member printed	Lord Taylor of Warwick
uin	HL3426
answer	answer is ministerial correction date of answer 28/03/2024 answer text <p>The Chancellor announced at Spring Budget that the government will introduce new requirements for Defined Contribution pension funds to disclose publicly their level of UK equity investments, working closely with the Financial Conduct Authority (the FCA) who share responsibility for setting requirements for the market. The FCA will consult in the Spring. The government will introduce equivalent requirements for Local Government Pension Scheme funds in England &amp; Wales. The government will review what further action should be taken if the data does not demonstrate that UK equity allocations are increasing.</p><p> </p><p>This complements the wider reforms that the Government and regulators are already undertaking to boost UK markets.</p><p> </p> answering member printed Baroness Vere of Norbiton question first answered 28/03/2024 12:46:56 answering member 4580 label Biography information for Baroness Vere of Norbiton
tabling member	1796 label Biography information for Lord Taylor of Warwick

1697330

registered interest
date	19/03/2024
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Tourism: VAT
house id	2
legislature	25277 pref label House of Lords
question text	To ask His Majesty's Government what assessment they have made of the potential (1) costs, and (2) benefits, of reintroducing tax-free shopping for international visitors, including the impact on (a) retail sales, (b) employment levels, and (c) economic recovery.
tabling member printed	Lord Taylor of Warwick
uin	HL3428
answer	answer is ministerial correction date of answer 27/03/2024 answer text <p>As set out at Spring Budget 2024, the government is considering the findings of the OBR’s review of the original costing of the withdrawal of tax-free shopping, published in the Economic and Fiscal Outlook on 6 March, alongside industry representations and broader data. The government welcomes further submissions in response to the OBR’s findings.</p> answering member printed Baroness Vere of Norbiton question first answered 27/03/2024 15:29:26 answering member 4580 label Biography information for Baroness Vere of Norbiton
tabling member	1796 label Biography information for Lord Taylor of Warwick

1696583

registered interest
date	18/03/2024
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Inflation: Employment and Pay
house id	2
legislature	25277 pref label House of Lords
question text	To ask His Majesty's Government, following reports that public expectations for inflation have fallen to the lowest level in over two years, what assessment they have made of the impact of falling expectations on (1) wage growth trends, and (2) employment dynamics; and what steps they are taking to address any potential challenges in sustaining wage growth while maintaining price stability.
tabling member printed	Lord Taylor of Warwick
uin	HL3340
answer	answer is ministerial correction date of answer 28/03/2024 answer text <p>Inflation has more than halved, falling from its peak of 11.1% in October 2022 to 3.4% in February 2024 and nominal whole economy total pay has fallen from a peak of 8.9% in the three months to June to 5.6% in the three months to January 2024.</p><p>In the three months to January 2024 the unemployment rate was 3.9%, up by 0.1ppt on the year but low by historical standards. The OBR forecast that there will be a moderate rise in unemployment to a peak of 4.5% in Q4 2024 before declining to 4.1% by 2028.</p><p>Whilst inflation has fallen it still remains above the 2% target. The Monetary Policy Committee (MPC) continues to have the government’s full support as it takes action to sustainably return it to target.</p> answering member printed Baroness Vere of Norbiton question first answered 28/03/2024 12:45:55 answering member 4580 label Biography information for Baroness Vere of Norbiton
tabling member	1796 label Biography information for Lord Taylor of Warwick

1696357

registered interest
date	14/03/2024
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Payments: Regulation
house id	2
legislature	25277 pref label House of Lords
question text	To ask His Majesty's Government, following the publication of the draft Payment Services (Amendment) Regulations 2024, what steps they are taking to introduce legal safeguards to protect consumer rights and ensure transparency in the process of delaying payments for further investigation.
tabling member printed	Lord Taylor of Warwick
uin	HL3303
answer	answer is ministerial correction date of answer 27/03/2024 answer text <p>The government takes the issue of fraud very seriously and is dedicated to protecting the public from this devastating crime.</p><p>The government has published draft legislation that allows the sending of payments to be delayed where there are reasonable grounds to suspect fraud or dishonesty, and more time is needed to contact the customer or relevant third parties.</p><p>Subject to some exceptions to ensure Payment Service Providers (PSPs) meet other legal obligations, for example around tackling financial crime, PSPs will be obliged to inform the customer, set out the reasoning behind a delay, and what information or actions are needed to enable the PSP to decide whether to execute the payment.</p><p>The government intends to introduce this legislation in summer 2024 and, subject to Parliamentary approval, for it to come into force on 7 October 2024.</p> answering member printed Baroness Vere of Norbiton question first answered 27/03/2024 11:34:25 answering member 4580 label Biography information for Baroness Vere of Norbiton
tabling member	1796 label Biography information for Lord Taylor of Warwick

1695979

registered interest
date	13/03/2024
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Pay
house id	2
legislature	25277 pref label House of Lords
question text	To ask His Majesty's Government what assessment they have made of the impact of slowing wage growth on household finances and consumer spending; and what steps they are taking to mitigate any negative impact.
tabling member printed	Lord Taylor of Warwick
uin	HL3264
answer	answer is ministerial correction date of answer 27/03/2024 answer text <p>Real wages have increased for seven consecutive months and are 1.1% above their pre-pandemic level.</p><p>ONS retail sales volumes increased by 3.4% on the month in January, representing a full recovery of the decline seen in December 2023.</p> answering member printed Baroness Vere of Norbiton question first answered 27/03/2024 11:35:26 answering member 4580 label Biography information for Baroness Vere of Norbiton
tabling member	1796 label Biography information for Lord Taylor of Warwick

1695572

registered interest
date	12/03/2024
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Exchange Rates
house id	2
legislature	25277 pref label House of Lords
question text	To ask His Majesty's Government what assessment they have made of the impact of the recent strengthening in sterling on inflation in the UK; and what assessment they have made of the effect this may have on the timing and magnitude of monetary policy adjustments made by the Bank of England.
tabling member printed	Lord Taylor of Warwick
uin	HL3222
answer	answer is ministerial correction date of answer 25/03/2024 answer text <p>The Office for Budget Responsibility (OBR) is the government’s official forecaster. They published their latest assessment of the economic and fiscal outlook (EFO) on 6<sup>th</sup> March. The OBR noted that the trade weighted sterling effective exchange rate had strengthened by around 2 per cent since their November 2023 forecast. Inflation has halved since its peak in October 2022 and was 4.0% in January 2024. In the March EFO, the OBR note that inflation has fallen more sharply than they expected in November, and now expect inflation to fall below 2% in Q2 2024 – a year earlier than previously expected.</p><p>Monetary Policy is the responsibility of the independent Monetary Policy Committee of the Bank of England. Therefore, it is right the Government does not comment on the conduct of monetary policy.</p> answering member printed Baroness Vere of Norbiton question first answered 25/03/2024 17:32:53 answering member 4580 label Biography information for Baroness Vere of Norbiton
tabling member	1796 label Biography information for Lord Taylor of Warwick

1695573

registered interest
date	12/03/2024
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Cryptocurrencies
house id	2
legislature	25277 pref label House of Lords
question text	To ask His Majesty's Government what steps they are taking to mitigate any risks associated with trading crypto-backed exchange traded notes by professional investors, particularly in relation to market manipulation and investor protection.
tabling member printed	Lord Taylor of Warwick
uin	HL3223
answer	answer is ministerial correction date of answer 25/03/2024 answer text The question of whether to allow the listing of exchange-traded products that reference cryptoassets is a matter for the Financial Conduct Authority as the independent regulator. answering member printed Baroness Vere of Norbiton question first answered 25/03/2024 17:31:31 answering member 4580 label Biography information for Baroness Vere of Norbiton
tabling member	1796 label Biography information for Lord Taylor of Warwick

1694891

registered interest
date	11/03/2024
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Holiday Accommodation and Multiple Occupation: Tax Allowances
house id	2
legislature	25277 pref label House of Lords
question text	To ask His Majesty's Government, further to the Budget statement announced by the Chancellor of the Exchequer on 6 March, what assessment they have made of the long-term implications of abolishing tax relief for holiday lets and ending multiple dwelling relief from stamp duty land tax on the housing market and local economies.
tabling member printed	Lord Taylor of Warwick
uin	HL3190
answer	answer is ministerial correction date of answer 21/03/2024 answer text <p>By abolishing the Furnished Holiday Lettings tax regime, the government will remove the current incentive for landlords to offer short‑term holiday lets rather than longer-term homes. This will level the playing field between short-term holiday lets and long-term lets and support people to live in their local area.</p><p>An external evaluation exploring the use of Multiple Dwellings Relief showed no strong evidence the relief is meeting its original objectives of supporting investment in the private rented sector.</p> answering member printed Baroness Vere of Norbiton question first answered 21/03/2024 12:35:29 answering member 4580 label Biography information for Baroness Vere of Norbiton
tabling member	1796 label Biography information for Lord Taylor of Warwick

1694892

registered interest
date	11/03/2024
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Financial Services: Equality
house id	2
legislature	25277 pref label House of Lords
question text	To ask His Majesty's Government what steps they are taking to accelerate progress towards gender equality in the financial services industry.
tabling member printed	Lord Taylor of Warwick
uin	HL3191
answer	answer is ministerial correction date of answer 25/03/2024 answer text <p>The Government has a wide programme of work aimed at tackling gender inequality and supporting women in the workplace.</p><p> </p><p>Since 2017, organisations with 250 or more employees have been required to publish specific data on their gender pay gaps annually, ensuring they are aware of their gender pay gaps and are taking steps to improve gender equality in their organisation.</p><p> </p><p>The Government has taken action to ensure that working parents can balance work and care by expanding childcare entitlements, making flexible working simpler to access, and introducing carer's leave.</p><p>Regarding the financial services industry specifically, the Government has taken action to ensure the sector remains world-class, and as productive, innovative and competitive as it can be. In 2016, the Government launched the Women in Finance Charter, which aims to ensure that the right talent is being attracted to the sector and that the best and brightest can continue to rise to the top, regardless of their gender.</p><p>The Charter’s Annual Reviews have consistently shown that the Charter has stimulated positive progress across the sector. Participation in the Charter is voluntary, and the first wave of signatories to the Charter started out with an average level of senior female representation of 27%. The signatory base has grown since then and average representation now stands at 35%.</p><p>The Treasury Committee’s Sexism in the City inquiry recently made a number of recommendations to the industry, the regulators and Government to consider in order to accelerate progress. The Government will respond to the report and its recommendations in due course.</p><p> </p> answering member printed Baroness Vere of Norbiton question first answered 25/03/2024 16:58:46 answering member 4580 label Biography information for Baroness Vere of Norbiton
tabling member	1796 label Biography information for Lord Taylor of Warwick

1694893

registered interest
date	11/03/2024
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Exchange Rates: Overseas Trade
house id	2
legislature	25277 pref label House of Lords
question text	To ask His Majesty's Government what assessment they have made of the impact of recent fluctuations in the exchange rate of the pound sterling on the price of imports and exports.
tabling member printed	Lord Taylor of Warwick
uin	HL3192
answer	answer is ministerial correction date of answer 25/03/2024 answer text <p>Many factors have been relevant in driving movements in aggregate trade prices.</p><p> </p><p>While movements in the exchange rate would likely have influenced these changes in trade prices, movements in broader global prices (such as energy and other tradable commodities) have been a far bigger factor in driving movements in aggregate trade prices.</p> answering member printed Baroness Vere of Norbiton question first answered 25/03/2024 16:54:26 answering member 4580 label Biography information for Baroness Vere of Norbiton
tabling member	1796 label Biography information for Lord Taylor of Warwick